Buying a property is a big commitment and a huge step. There are loads of benefits to owning your own home, as well as a few downsides (like being responsible for fixing things!) A lot of young professionals are currently renting a property, and while this set-up can be useful for many reasons, is it worth it in the long run?

With high rates, it can be difficult for renters to save, especially those who are on a low income. This might be a big reason as to why you might not have bought a house yet, but if you have some savings and are in a position to do so, here are a few reasons why it might be time to buy a home.

It’s an Investment

Paying your landlord rent every month only serves to help pay off their investment and give them a profit, but what about you? Buying a property is an investment in your future and allows you to create a home your way. Not to mention, real estate is one of the best things to invest in, and it could help you move up the property ladder to a bigger and better home later on. Stop helping your landlord get rich and start putting more money back into your pocket.

Affordable

Renting privately often leads to high costs, especially if your apartment/house is in a prime location like the city center or an idyllic country town. Furthermore, if what you pay your landlord each month doesn’t cover bills, these are all just additional expenses that can leave you looking for pennies under the sofa cushions by the end of the month. A mortgage can be cheaper than paying rent, and how much you pay will depend on how big of a deposit you put on the house and the size of the property. To find out how much you can save each month with a mortgage instead of renting, get further information from specialist mortgage advice services.

Extra Income

Another benefit that can come from owning a property is the opportunity to make extra income. Having a lodger living with you could help you pay off the mortgage faster as the rent you charge them can go towards these costs. Alternatively, if you were to leave for an extended period to go traveling, or moved to a better property later in life, you could rent out your home to others and become a landlord yourself.

Security

Finally, there is a bit more security in owning a home rather than renting. If your landlord decides to increase your rent or sell the property you’re living in, suddenly you might find yourself in a difficult situation and frantically looking for a new place to live. Owning your home reduces the risk of surprise problems like this, giving you better peace of mind.

If all the above sounds good to you and you’ve got savings stashed away, maybe it’s time for you to buy a home and stop renting.